The Public Utilities Commission of Sri Lanka (PUCSL) has taken a decisive step by instructing the Ceylon Electricity Board (CEB) to conduct an independent audit concerning its revenue and electricity generation costs. This directive stems from concerns raised over the accuracy of the financial data presented by the CEB to cover its operational expenses.

Highlighting the need for transparency and accuracy in financial reporting, the PUCSL has urged the CEB to designate the entity that will conduct the independent audit before the month’s end. This move aims to ensure a comprehensive and accurate evaluation of the CEB’s revenue streams and electricity generation costs.

Additionally, the PUCSL has advised the CEB to formulate proposals aimed at reducing electricity tariffs, a directive that also needs to be presented before the end of the month.

Following the submission of these proposals, the PUCSL has committed to providing its recommendations regarding potential revisions to the existing electricity tariffs. These recommendations are slated to be announced in January 2024, based on the proposals submitted by the CEB.

This regulatory action signifies a pivotal effort to enhance accountability and transparency within Sri Lanka’s energy sector, aiming to ensure fair and economically sustainable electricity tariffs for consumers.

In a devastating incident this morning, a 54-year-old police officer tragically took his own life by using his service firearm. The incident occurred between 6:00 – 7:00 a.m., as confirmed by the police spokesman.

The officer had been on duty at the Peliyagoda expressway interchange the previous night.

In the wake of this distressing event, it’s important to recognize the availability of resources for immediate support for anyone grappling with crisis or in need of help:

• National Mental Health Helpline: 1926 (for emergencies)
• Sumithrayo: +94 11 2 682535 / +94 11 2 682570
• CCCline: 1333 (toll-free)

These resources aim to offer immediate assistance and support to those experiencing mental health challenges or in crisis situations. It’s essential to reach out or encourage someone in need to seek help during difficult times.

Dr. Ashani Hewage, a Medical Officer from the National Dengue Control Unit, has sounded an alarm regarding a significant surge in dengue cases, with an alarming report of 1,000 new infections within the past five days since the start of December.

Attributing this rapid increase to the prevailing rainy weather, Dr. Hewage emphasized that the daily tally of dengue patients has reached a concerning 250 individuals.

December has witnessed an unprecedented spike in dengue cases, marking a stark escalation in the number of infected individuals, Dr. Hewage cautioned.

The overall dengue count has surpassed 77,500 reported cases, leading to 76 confirmed deaths due to the dengue virus. Notably, nearly half, accounting for 47%, of the reported dengue cases emanate from the Western Province.

The districts of Colombo and Gampaha, situated in the Western Province, have registered the highest incidences of dengue cases. Specifically, the MOH Division of Colombo has recorded the most substantial number of dengue cases among all regions.

The surge in cases raises concerns about the urgent need for intensified measures to curtail the spread of the virus amidst the rainy conditions, urging heightened awareness and proactive efforts to address this escalating health crisis.

1. An ADB official says SL will get about USD 600 mn on a “staggered basis” from the Asian Development Bank after the IMF releases the 2nd tranche of it’s USD 2.9 bn bailout of SL: ADB has been one of the multi-lateral financing institutions that has not been affected by SL’s controversial debt default of 12th April’22.
2. President Ranil Wickremesinghe is reported to be mulling prorogation of Parliament in January’24: once Parliament is prorogued, pending business before the House will lapse, and the new Parliament, once convened by the President, has to resume afresh: the President can prorogue Parliament for a maximum of 2 months.
3. SLPP Rebel MP Prof. Charitha Herath expresses concern about an impending Constitutional crisis in the country.
4. Six priceless Kandyan treasures including a golden & silver kasthãné (ceremonial swords), two maha thuwakku (wall guns), and Lewke Disave’s cannon, which were looted by the Dutch in 1765, placed on public display at the Colombo National Museum
5. Justice Minister Wijeyadasa Rajapakshe reveals plans to introduce a new legislative framework to oversee operations of micro-finance institutions: emphasises the need to establish an independent regulatory institution, separate from the Central Bank, with a specific focus on overseeing and effectively regulating micro-finance entities.
6. Sri Lanka ranked among the top 5 fastest growing tourism destinations for 2024 by the world-renowned travel guide, the “Travel Off Path”.
7. SL Air Force receives two Harbin Y-12-IV twin-engine turboprop utility aircrafts from China: Harbin Y-12 or Yunshuji-12 is a light multi role aircraft designed & developed by Harbin Aircraft Manufacturing Corp of China, and principally used for passenger & cargo transportation.
8. Budget Deficit for the first 9 months of 2023 widens to an astronomical Rs.1,614 bn from Rs.1,244 bn last year: Tax revenue up by over 50% to Rs.1,934 bn amid significant upward revisions to tax rates & introduction of new taxes: however, expenditure also up by a massive 38.5% to Rs.3,732 bn with recurrent expenditure surging 44.7% to Rs.3,328 bn.
9. Number of Dengue cases recorded in the first 11 months of 2023 reaches the highest infection levels in the past 3 years: cases reported for the years 2020, 2021 & 2022 were 31139, 35054 & 76467: however, by 5th December’23, 78,022 cases had been reported for this year: so far, 46 dengue-related deaths have also been reported.
10. Dulanjan Fernando, 24, sets a new National record in the 3 metre Springboard diving event at the CAMO International Invitation Plongeon in Montreal, Canada: earns recognition from World Aquatics, making him the 3rd SL diver to achieve such global acclaim.

Sri Lanka is gradually emerging from a severe financial crisis, anticipating a significant boost from the Asian Development Bank (ADB) following the International Monetary Fund’s (IMF) approval of a $2.9 billion bailout package. A staggering $600 million is set to be disbursed to the crisis-hit nation, confirmed by an official on Tuesday.

Triggered by alarmingly low foreign exchange reserves last year, Sri Lanka witnessed a sharp economic contraction of 7.8% in 2022, marking one of its most challenging financial periods in decades.

With the economy showing signs of stabilization after entering a four-year program with the IMF in March, the imminent approval of the first review by the IMF is expected to unleash the release of approximately $334 million in funding, constituting the second tranche of the bailout.

Takafumi Kadono, the Country Director at ADB’s Sri Lanka Resident Mission, revealed plans for extensive support, outlining a projected total budget assistance of $2 billion over the upcoming four years.

Kadono emphasized, “I would say $500 million to $600 million budget support is what is planned (for 2024) but, again, it is subject to attainment, satisfying the policy actions, so it’s not free money.”

The proposed assistance is slated to primarily encompass policy-based loans and project lending, with an initial $200 million set for ADB Board approval on Dec. 8. However, disbursement to Sri Lanka will only follow the IMF’s scheduled approval on Dec. 12.

Future disbursements are earmarked for specific sectors: $200 million designated for power sector reforms in 2024, $100 million allocated to the water sector, and an estimated $50-$70 million intended for the tourism sector.

Furthermore, ADB aims to extend $100 million to enhance access to financing for small and medium-sized enterprises, alongside an additional $100 million directed towards improving public finance and debt management.

Highlighting the imperative need for continued commitment to reforms outlined in the IMF program, Kadono stressed the significance of restructuring loss-making state enterprises, curbing budget deficits, and enhancing governance.

“These are not band-aid measures. I think Sri Lanka has done a lot of that in the past so, I think it’s really time to fix the fundamentals of the economy and to address these latent weaknesses in the economy and the institutions,” Kadono stated emphatically.

The Central Bank of Sri Lanka (CBSL) and the Foreign Employment Bureau (SLBFE) have jointly launched the “Manusavi” Migrant Worker Loan Scheme, aimed at empowering migrant workers through licensed commercial banks starting from December 4.

The inauguration ceremony was graced by Labor and Foreign Employment Minister Manusha Nanayakkara. Notably, Hilmi Asis, Chairman of SLBFE, and Senarath Dharmawardena, the Regional Development Director representing CBSL, exchanged pivotal loan proposal agreements.

Under this initiative, SLBFE has allocated Rs. 5 billion to facilitate the loan scheme. To qualify, migrant workers must maintain a separate or joint Personal Foreign Currency Account (PFCA) or Savings Account (RSA) with a licensed commercial bank and demonstrate recent foreign exchange remittances into the account within the last three months.

The loan can be utilized for diverse purposes such as initiating or expanding businesses, acquiring or extending homes, purchasing land or vehicles, funding children’s higher education, or other productive ventures, with a maximum loan limit of Rs. 2 million.

Interest rates are capped at 8%, and borrowers are granted a maximum repayment period of 36 months. Applicants can submit individual or joint loan applications to the respective bank either before departure or while overseas. Additionally, individuals can authorize a close relative via a power of attorney (POA) to receive the loan amount on their behalf.

The loans must be repaid in foreign currency and can be settled in Sri Lankan Rupees (LKR) upon the worker’s return to Sri Lanka after completing their foreign employment, subject to prevailing market interest rates.

To bolster this initiative, refinancing facilities are extended through the CBSL’s Regional Development Department at an annual interest rate of 4% for several licensed commercial banks participating in this endeavor, including Bank of Ceylon, People’s Bank, Commercial Bank, Hatton National Bank (HNB), Sampath Bank, Seylan Bank, Cargills Bank, DFCC Bank, National Development Bank (NDB), Pan Asia Bank, and Union Bank.

The Severe Cyclonic Storm “MICHAUNG” (PRONOUNCED AS “MIGJAUM”) over West-Central Bay of Bengal has crossed the Andhra Pradesh coast of India and this system is gradually weakening.

Showers will occur at times in Western, Southern and North western provinces, particularly during the morning.

Showers or thundershowers will occur at several places in Sabaragamuwa, Central, Eastern and Uva provinces after 02.00 p.m.

Misty Condition can be expected in Sabaragamuwa, Central and Uva provinces during the morning.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

Colombo (LNW): In accordance with the resolution outlined in the letter No. NPC/ED/ACT/SSP/01/09/2023 from the National Police Commission dated 01/12/2023 and as stipulated in Section 135 of the Public Service Commission Rules of Procedure on 23/11/2023, the Police personnel listed below have been designated to the position of Senior Superintendent of Police (SSP) for a term lasting until 22.11.2024 or until the appointment of a permanent officer to the vacant position, whichever occurs earlier.